The Pennsylvania State Employees' Retirement System (Pennsylvania SERS) has voted to commit $50 million to Oak Street Real Estate Capital Fund V. Managed by Chicago-based Oak Street Real Estate Capital, the value-add fund targets single-tenant, triple-net lease assets across the United States.
The fund is looking to raise $2 billion at its final close, scheduled for March 31.
Oak Street Real Estate Capital Fund V’s investor base comprises endowments, wirehouses, family offices and pension funds, including the Illinois Municipal Retirement Fund and the Texas County & District Retirement System.
Pennsylvania SERS disclosed the new commitment at a Feb. 25 investment council meeting, according to an agenda document. As of June 2019, the pension fund had a 6.4 percent allocation to real estate with a 12 percent target to the asset class. Pennsylvania SERS’ real estate po
